2025 (12) TMI 242

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....arma, Mr. Ayush Gupta and Ms. Priyanshi Goel, Advocates for R-3. Mr. Gopal Jain, Mr. Shubham Gupta Advocates for R-1 & 2 JUDGEMENT Per Justice N. Seshasayee, Member (Judicial) 1. This appeal filed by the liquidator involves a short question: whether the reliance of the Adjudicating Authority on a circular of the IBBI, dated 18.07.2023 to change the liquidator and to appoint a liquidator of its choice is legally permissible. 2.1 On 12.07.2024, the CD was put to liquidation in by a resolution of the CoC in its second meeting. The appellant, who was hither to the Resolution Professional, gave his consent to be the liquidator as contemplated by Sec. 34(1) of the IBC. Based on the CoC's decision, the Appellant filed an application be....

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....igh Court dismissed the writ petition and directed that the alternative statutory remedy available under the IBC might be pursued by the appellant. This is the circumstances in which the appellant has come forward with the present appeal. The challenge in essence was to the legality and validity of the letter of the IBBI dated 18.07.2023. 4. The second respondent submits that he has been appointed as the liquidator by the Adjudicating Authority, and claims that he has made substantial progress in the liquidation process, including preparation of the liquidation estate, asset memorandum, verification of claims, and that he is initiating steps for sale of assets. 5. The 3rd Respondent is M/s IDBI with over 92% voting share in the CoC, a....